The Daily Gwei - Zoom Out - The Daily Gwei #419
It’s pretty crazy to me just how far Ethereum has come in such a short amount of time. It went from a network that most people thought was dead in 2019 to one that now processes trillions of dollars worth of transactional volume every year and generates billions of dollars in fee revenue. No matter what metrics you look at - Ethereum is an incredible success with massive amounts of growth potential ahead of it - it truly is incredibly undervalued.  Buying ETH in October of 2018 was a deeply unpopular thing to do because it had already dropped from an all time high of $1,420 to $220 and no one knew where the bottom was. Demand for Ethereum’s most popular use-case (ICOs) had completely vanished, it seemed like sellers had unlimited tokens, “competitors” such as EOS were being touted as “Ethereum killers” and Bitcoin maximalists were calling Ethereum the biggest fraud in history (to be fair, they still call it that to this day). Then came 2019 which was an interesting year for Ethereum because it’s when the first real signs of DeFi started springing to life and the true pioneers saw just how big it could get. Of course, there weren’t many DeFi apps live in 2019, yield farming wasn’t a thing and there wasn’t any concept of being a “degen”. Though fast forward a bit to 2020 and we saw DeFi basically go mainstream (within the crypto ecosystem), ETHs price skyrocketed back towards its previous all time high, NFTs started gaining traction and no one was calling Ethereum dead anymore. Now, in 2022, we are seeing the many years of hard work from thousands of people come to life all at once. Layer 2’s are live and growing, Ethereum will finally become a proof of stake network with The Merge this year, the network has so much demand that people are paying $50 million a day in fees just to use it, billion-dollar companies are betting on Ethereum-spawned use-cases like NFTs/metaverse and ETH has become one of the worlds’ most liquid, valuable, and bullish assets. And I’m only just scratching the surface here - Ethereum enables so many use-cases that it’s become impossible for any one person to keep up with it all. All this is to say - stop worrying about the day to day happenings of the markets as if they define what this industry is going to be. If you’re in this for the actual long-term then you need to zoom out by at least 10 years and imagine what the world will be like in 2032. My prediction: Ethereum will be the backbone of the world’s financial system, it will be processing quadrillions of dollars of value per year, settling trillions of transactions per year and providing immense value to at least half the planet through a wide range of apps and services. Oh and I think the Ethereum network will be worth over $10 trillion which puts ETH at a modest price of $85,000. Zoom out. Have a great day everyone, Enjoyed today’s piece? I send out a fresh one every week day - be sure to subscribe to receive it in your inbox! Join the Daily Gwei EcosystemAll information presented above is for educational purposes only and should not be taken as investment advice.
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